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Overview of PFM Themes …

OBS / Broader PFM Reform in Myanmar :– Update from civil society perspective. David Allan, Spectrum - djallan7@gmail.com. Overview of PFM Themes …. OBS Scores Revenue Transparency Overall PFM Reform Citizen’s Budget National Savings Social Accountability. OBS Scores …2012-2015. 0 2.

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Overview of PFM Themes …

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  1. OBS / Broader PFM Reform in Myanmar :–Update from civil society perspective.David Allan, Spectrum - djallan7@gmail.com

  2. Overview of PFM Themes … OBS Scores Revenue Transparency Overall PFM Reform Citizen’s Budget National Savings Social Accountability

  3. OBS Scores …2012-2015 0 2 

  4. TIMELY INFO RELEASE

  5. EITI – MYANMAR REPORT? Myanmar Sectors – Oil & Gas, Mining (including jade & gems emporium info) + feasibility study on hydropower + extra forestry information.

  6. Major Progress to Date • Establish Treasury Department under MoF in order to enhance PFM by the systematic performance of Treasury function to ensure effective management of cash and financial reporting • Drafted the Public Debt Law and building capacity on debt management • Introduced quarterly cash flow forecasting program started from 2015-16 FY • Restructured Budget Department for more policy and institutional control over PFM • Initiated MTFF started from 2015-16 FY in order to improve budget formulation process year by year in accord with the international standard to support macroeconomic stability and development • Tax revenue increased from 3.6 % in 2011/12 (PA) to 7.4% 2014/15 (BE); with implementation of self assessment for large taxpayers

  7. Other Achievements of PFM Reform • Analytical work (PEFA, PER, IMF reports) conducted, published • PFM Modernization Strategy published, Program developed and launched • Improved budget process- Incremental to policy based by MTFF, Issued expenditure ceiling and revenue floors to spending agencies in the budget calendar in 2015-2016 FY • Improved fiscal transparency – • Published Budget Law in newspaper • Submitted Citizen’s Budget to parliament • Negotiated with DFID for short term Expert on fiscal transparency • Implementation of EITI • Institutional restructuring (Large Taxpayers Office established, Budget Department Restructured and Treasury Department established for more policy and institutional control over PFM • taken actions to finance the budget deficit including a treasury bill auction and a reduction of the Central Bank financing of the public debt • Ensure that the PFM system has continued to evolve and support the bottom up planning process and interaction with Parliament • Development Partner working group fully operationalized and support coordinated

  8. Challenges Tax revenue from Natural resources sector Intergovernmental revenue transfer and developing fiscal management of States and Regions Effective and efficient expenditure allocation by policy priorities- revenue collection & expenditure spending Sound macroeconomic indicators and reliable data for MTFF Skill for effective cash and debt management functions Better understanding on DP’s Finance projects 8

  9. Plans for the Future • To improve tax administration and to enhance better operation of large tax payers office • To achieve effective Budget preparation process: issuance of ceilings MTFF, Top-Down Budget Vs Bottom-Up Planning • To achieve better management of SEEs • To improve fiscal decentralization and to refine intergovernmental grants formula • To achieve systematic public procurement system • To strengthen Treasury function – Debt Management, Cash Management and Financial Reporting • To upgrade to CORE banking (Electronic payment and settlement system) • To improve auditing standard by computer assisted audit techniques • To improve technical skills to conduct independent budget analysis • To establish PFM Academy • To improve access to fiscal information 9

  10. Summary… • PFM interest rising very rapidly… • Progress on so many fronts • EITI progress continuing • Citizen’s budget imminent • Budget transparency tools time lag • Online budget tracker will be better • Various taxation issues remain • National savings interest high • Fiscal discipline needs high for SWF • Social accountability tools coming

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